Everyone saving and investing
Getting Kiwis to pay attention to their savings and put something aside is the focus of the fifth National Strategy pillar - Save/Invest. The aim is to get everyone saving and investing for the short, medium and long term.
KiwiSaver fees in dollar figures
New Zealanders can now wise-up about KiwiSaver fees. From 1 April 2018, KiwiSaver fund managers were required to show fees in dollar figures in their annual statements so members can see at a glance how much they’re being charged each year. This change is the result of joint work by CFFC, Ministry of Business, Innovation and Employment (MBIE) and the Financial Markets Authority (FMA) to improve the information provided to KiwiSaver members. The FMA supported the change with a campaign targeted at young women (who are least likely to look at annual statements) and the development of a KiwiSaver Health Checker tool to help members work through four essential questions they should ask of their providers.
KiwiSaver Fund Finder
CFFC wants the more than 2.7 million New Zealanders in KiwiSaver to see themselves as investors, not savers. The Kiwisaver Fund Finder was created to help Kiwis make smart choices about which KiwiSaver fund suits them best. By grouping the funds into five categories and asking each user about their situation and appetite for risk, the Fund Finder is able to pick the right category of fund for them. The Fund Finder then arms them with information on performance of different funds in that category, including the average fees and returns.
The FMA wants Kiwis heading online to get a slice of the cryptocurrency boom to do their homework first.
Bitcoins and initial coin offerings are among the cryptocurrency services being targeted by the FMA.
The FMA aims to educate would-be investors about the risks involved. Cautioning that most exchanges operate exclusively online and are unregulated, the FMA wants New Zealanders to be aware they are unlikely to get their money back if things go wrong.
The new resources also warn about the high potential for scammers and theft, as well as the volatility of cryptocurrencies.